Introduction to Project Management

Project management is the process of organizing and managing resources such as capital, people, and material goods.

About Project Management

There are projects everywhere. Some of them are personal projects, such as planning a family trip. Others are professional, such as designing a machine or a building. No matter what goal you have, a project is a set of temporary efforts that aim to generate a unique result, product, or service.

A project is temporary because it has a measurable beginning and end. Although the process to complete a project may be similar to other projects, each project has a singular goal. The circumstances and factors that affect the process vary and end in a unique result.

Project management is the process of organizing and managing resources such as capital, people, and material goods. A team should strive to complete a project within the scope, time, and cost set at its beginning. They should also try to ensure that the product meets the required quality expectations.

Vocabulary

Project

A project is a series of temporary and planned tasks aimed at generating a unique result, a product, or a service. A project may vary from simple to complex and may involve individual or collective work.

Unique

Unique is a term that describes something that is one of a kind. Even within routine processes, the variables that affect a project make it different from others. A project is never repeated exactly the same way, so the result is never exactly the same.

Temporary

Temporary is a term that describes something which lasts for a limited time. A project has a defined start and a measurable duration. A project always has an end, even when it takes longer than expected. Its end is normally reached when its goal has been met, but it can also be terminated if the objective is not achieved or the project cannot be completed.

Project Management

Project management is the discipline of applying knowledge, established principles, procedures, and tools to planning processes and managing resources in order to achieve one or more goals.

Scope

Scope is the process of determining the uses and features of a product as well as the tasks and processes necessary to achieve the project goals. This is the first phase of a project and includes gathering all information needed to begin a project.

Time

Time is a component of project management which involves developing a timeline for the project. Time impacts costs because if a project extends beyond the established deadline, costs increase.

Cost

A cost is any expense incurred or estimated which is necessary to complete a project. In the initial phase of a project the cost is estimated and reflected in a budget.

Quality

Quality is a term that describes the ability of a product or service to meet the requirements specified during the planning of the project. Quality is measured by a product’s ability to meet or exceed customer expectations and product specifications.

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